Written by: Osama Mansour
Hossam Eid, an expert in financial markets, expected that the main index EGX30 will test the main resistance level at 9000, supported by the activity of the leading shares and the continuation of the trend of Egyptian and Arab financial institutions towards buying and opening financial centers.
He added that if selling operations appear near the main support level and the main index does not succeed in stabilizing above the 8750 level, the index may move to test the second support level at 8200 points.
He explained that the index of small and medium-sized stocks EGX70 succeeded in closing in the green zone at the end of trading Thursday before last, trying to test the main resistance level at the 1700 point, but it closed up by 24.55 points, a rise of 1.47%, to record the level of 1693.76 points, driven by the positive performance and the rise of most small and medium stocks and fast trading. Thanks to the tendency of Egyptian individual investors to buy and open financial centers with small and medium stocks, while Arab and foreign individual investors tended to sell
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He pointed out that the index of small and medium stocks aims to test the main resistance level at 1700 and by breaching it and stabilizing above it targets the second resistance level at 1760 points.
In the last trading of the stock market, financial institutions accounted for 32.37% of the total transactions today, while individuals accounted for 67.62% of transactions.